Social Media and Back to School

Ah the pleasures of summer...shorts and tank tops, free outdoor concerts, bare feet on dewy grass, lemonade, ice cream and...sales! In August we usually see retailers make their big push for "back to school", but what's different this year is their use of social media in addition to traditional print, TV and online advertising campaigns. Mo Krochmal, journalism professor at Hofstra University and I, inspired by this article, traveled to Herald Square, site of the brand new JCPenney flagship store - its first ever in Manhattan - to cover the story. We wanted to see first hand how big box retailers JCPenney, Staples and OfficeMax are using social media. Facebook fan pages, Twitter and YouTube are big.




Will they be successful? Time will tell, but so far:

JCP Teen on Facebook has doubled its fan size to 17,000 since July 25th, and they're doing a a great job of cross marketing the fan page with a dedicated website where you can actually buy the products, plus they're also running other campaigns linked to concerts and skateboarding.

Staples has a back to school tab on its Facebook page which also links to a matching landing page for shopping. They have a 3 campaigns centered around giving to students in need. The fan base grew by about 4,000 members in the same period but it's hard to tell whether it's all from back to school or just supplies in general because it's all together. I took a quick scan of the latest comments but didn't see any posts from teens, like you see in the JCPenney page.

OfficeMax has no mention of the viral penny prank videos on their website and their Twitter account hasn't been updated frequently, although they do have over 500 followers.

Some points to consider when deciding whether your business should launch a social media campaign:

-Where is your audience? Do they spend time on social networks?

-How can you tie in your other web assets, like your website or blog to the campaign?

-Who will be managing content and moderating the conversations?

-How will you measure success? Is it traffic, sales, engagement?

How are you using social media for your business? Please share!

Laura Allen and the 15 Second Pitch

Inspiration for a business can come from very unusual places. For Laura Allen (that's her below on the right) , co-founder of "The 15secondpitch", it came from a friend looking to meet date-worthy women. She turned her knack for connecting people into a profession. How'd she do it? Read on!

During the dot-com boom Laura worked at Cheetahmail.com, which somehow managed to survive the bust and was acquired by Experian in 2004. She'd been the first hire there so she was given a lot of freedom at the company, but eventually she got bored with the corporate structure and the rules, so in 2000 she left. Just as Laura was figuring out what to do next with her life, 9/11 happened. The internet industry was devastated, leaving behind a trail of laid-off techies. Looking for ideas on what to do next, Laura and her partner, Jim, who is a database programmer, attended a networking event in Los Angeles. It was there that they met their friend David, a good looking, single, MBA grad and fellow job seeker, who asked Laura to give him a hand meeting cute, single women at the conference. He found he got a much better response when Laura introduced him, and Laura had a ball "pitching" him to the ladies.

Jim, on the other hand, was not having much luck at networking and was thinking there had to be a better way to make connections, and when the two exchanged stories, they stumbled upon the idea for a 15-second pitch.

When they got back home they immediately checked the domain name, and finding it still available, they registered it that night.

Another problem with networking events is that you end up with a bunch of business cards, and afterwards you can't remember who most of those people are. So, they thought, why not create a card that contains a pitch which explains what their company is about? They went to work to turn the idea into a business, and spent the first two years building a website where people could create 15secondpitch cards.

Then in 2003 they decided Laura would teach a workshop on how to create a 15secondpitch. A friend in New York let her use her conference room, and she advertised her 2-hour course on a forum she found in Fast Company called "Company of Friends", that reached a few thousand people just in NY and NJ.

The event was free and about 15-20 people showed up. They each told their story and one guy shared that he'd been trying to get in touch with a VP of Coca-Cola for the past two years. Then another guy said his uncle worked there, and that he'd connect him. That's when Laura saw the power of what she calls the "third party pitch."

Heather is another of Laura's "third party pitch" success stories. She was a reporter who had perfected her "I'm a journalist" pitch, but there was only one problem - she no longer wanted to be a reporter. Her dream was to become a wedding planner. Laura advised her to keep her day job and start moonlighting on the side. They created a wedding planner pitch that same day, which she later shared with her husband. He in turn started telling his colleagues about her, and one of them had just gotten engaged, so he asked Heather to plan his wedding. Three weeks after creating the 15-second pitch Heather landed her first job through a "third party pitch"!

The other thing that worked for Heather was creating an image when describing her services. She went from saying "I'm a reporter but I want to be a wedding planner", to "I have an eye for detail so I'm starting a wedding planning business." Painting a picture in people's minds helps them understand what you do, especially with tech jobs - it's easier for people to buy into an idea if you make your pitch descriptive, giving examples, telling stories, making it rich with details.

Anyway, back to the workshops. In 2005 Laura decided to start charging for her seminars, but she needed money for marketing, so she went back into the corporate world, saving the money coming in from her day job and from teaching the seminars at night. After about a year she got laid off, with 2 weeks severance pay, plus unemployment benefits. Laura was thrilled. With the money she had put away she started marketing her monthly workshop, and shifted her business model more towards corporate clients like Merrill Lynch and non-profits like Cine Women.

The website has now gone through three major revisions, and they added a pitch wizard a year ago to automate the process of printing the pitch cards. Laura just re-launched her blog last week to focus on how to put together a killer 15secondpitch, and how to use it after you create it. In January they'll be unveiling their latest product (you heard it here first!), an e-learning platform that allows people to sign up for classes and follow at their own pace. Users will be able to create a 15secondpitch plus other related content using a tool that's partly automated and partly customized by Laura.

The 15secondpitch is used by lawyers, VC's , real estate brokers, freelancers - it's especially good for freelancers because their existence hinges on how well they can pitch, and they need to be constantly pitching new business. Marketing consultants, career coaches, college grads, financial planners - they can all benefit from it.

Here are 4 things Laura says an effective 15secondpitch should include:

1. Who you are - Tell then your name AND the name of your company!
   
   
2. What you do - avoid the "kitchen sink" pitch - don't tell your entire career history - focus on one thing and be specific. She's suggests preparing a separate pitch for everything you do.
   
   
3. Why you're the best at what you do.
   
   
4. A call to action - the crown jewel.

Ready to give it a try? Visit www.15secondpitch.com to compose your perfect pitch!

Would $50,000 be enough to get you started?

How does $50,000 sound to get you off the ground? That's what Mirassou Winery is offering women entrepreneurs if their business plan wins the "Make Your Dreams Come True" contest they're sponsoring. That could buy all the things on my wish list: laptop, printer, virtual assistant, personal masseuse (just kidding, unfortunately)...plus much more. The trick is you have to submit a rockin' business plan by December 15th, so that was incentive enough to get me (and a handful of the Mogulettes!) to sign up to Baruch College's 4-week Bootcamp on how to write them.

Elissa Grossman (that's her in the blue jacket next to yours truly) teaches courses on business management for college students that typically span a whole semester but she's doing an abbreviated version for entrepreneurs, starting with the elements of a business plan, which she covered in the first session, along with great examples of what an executive smmary should and shouldn't look like.

The second class was focused on the marketing plan, which is all about information gathering - where to get data about your target market, what the benefits and limitations are to different types of research, how to conduct surveys (one place to try out is surveymonkey.com, where you get the first 10 questions in a survey free), how to scope out your competition. Then she moved on to narrowing down your target market and selecting a marketing mix to reach them.

The third class centered around money - how much you need vs how much you want. This part was cool - Elissa recommends shutting your eyes and imagining the process that's involved in making a sale. Then make an outline of that in order to come up with a list of costs, like how much will the virtual assistant cost, plus the web developer, plus the computer, the desk and the chair, the masseuse (no...just kidding again) and so on, for each task. How much will be variable, or fixed? All this will help in coming up with a price for your goods and services. But that's not all that determines price - there's the perceived value (you can charge a premium for goods that are new in the market, or are complex, or where price comparisons are difficult). Competition also plays a role, as does strategy, like special pricing promotions that you might do.

The second half of the class was about sales forecasting and breakeven analysis, which I won't even attempt to summarize. But she made it interesting by giving lots of real life examples of how companies used these numbers to make adjustments and run their operations more efficiently.

BTW, Elissa's available if you'd like feedback on your business plan, as are other counselors on staff at Baruch's Field Center. These services are offered for free.

So, sharpen up your pencils and put your fabulous ideas on paper...you could win 50,000 big ones! Like they say: you gotta be in it to win it...

Next week I'll be away on a short vacation to Paris, yes, the "city of lights"! My friend invited me to stay with her and I'm using my miles to get there, so it's a great deal. Stay tuned for my report on how the French do business - I expect to be doing heavy duty research into their chocolate industry. Au revoir!

Mind your T's

Your friends do, it, your family members do it, your boss does it, babies do it, nuns do it, in fact, everyone in the world does it. Does what, you ask? Wear T-shirts!

People spend six billion dollars a year on T-shirts, that's according to a handout I got at a recent Learning Annex class entitled, quite plainly, 'How to Start your own T-shirt Line'. Needing a little help to get on the right track with my new "Mogulette Collection", I attended this 2 1/2 hour session along with another 80 or so hopefuls, and according to our teacher that evening - a fast-talking, bleached blond 30-something that launched his line two years ago from scratch - this is one of the Annex's most popular classes. The session delivered on its promises - it was jam-packed with details on the design, production, marketing and advertising of these ubiquitous tops, and the speaker certainly "walks the walk" - he was wearing one of his own designs, a basic staple of his daily wardrobe since day one, he says, and prompted us to do the same. Here's some links of interest I got from him:

Legalzoom.com - Has low cost legal forms to form corporations or LLCs, and register copyrights, trademarks and patents

USweb.com - An online marketing site. If you visit their blog you'll find articles on internet and search engine marketing in the "Categories" section.

Websitepros.com - For a low monthly fee they will place your website in all the major search engines.

prweb.com - Online public relations. They'll distribute your press release to media outlets instantly.

www.highschoolads.org - T-shirts and teens go hand in hand! This site offers ad placements in hundreds of high school newspapers.

5000fonts.com - If you plan to do your own graphic designs.

I could go on and on. My brain was in overload by the time it was over but it was well worth it. One thing I found out is that apparently my products are terribly under-priced, so it looks like I'll have to hike up my prices soon (hint, hint...buy now before they're marked up!!).

I'll be back soon, but til then, live mogulisiously!!